National Strategy for Financial Inclusion (2019-24)

The National Strategy for Financial Inclusion for India 2019-2024 is prepared by RBI. It is based on the inputs and suggestions from Financial Sector Regulators such as Securities Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority of India (PFRDA).

• The strategy aims to provide access to formal financial services in an affordable manner, broadening & deepening financial inclusion and promoting financial literacy & consumer protection.

Strategic Pillars

• Universal Access to Financial Services: Every village to have access to a formal financial service provider within a reasonable distance of 5 km radius. It also seeks a hassle-free digital process, gearing towards a less-paper ecosystem.
• Basic Bouquet of Financial Services: Every adult will be provided with a basic bouquet of financial services that includes a Basic Savings Bank Deposit Account, credit, a micro life and non-life insurance product, a pension product and a suitable investment product.
• Access to Livelihood and Skill Development: A new entrant to the financial system will be given the relevant information about the ongoing Government livelihood programmes, helping them to augment their skills and income.
• Customer Protection and Grievance Redressal: Customers will be made aware of the recourses available for resolution of their grievances. Adequate safeguards will be provided to protect the customer’s Right to Privacy.
• Effective Co-ordination: Focused and continuous coordination between the key stakeholders such as Government, the Regulators, financial service providers, Telecom Service Regulators, Skills Training institutes etc. to make sure that the customers are able to use the services in a sustained manner.